oil
- Business News
Thai Oil Plc demands resolution of unpaid wages at Chon Buri project
Thai Oil Plc (TOP) is urging the resolution of unpaid wage issues that have led to protests at its Clean Fuel Project (CFP) in Chon Buri, Thailand. The country’s largest oil refinery by capacity has called upon the parent companies of the construction firms involved to address the payment delays affecting workers on site. TOP engaged the Unincorporated Joint Venture…
- Business News
Thailand, Cambodia to revive US$300 billion offshore oil field talks
The Pheu Thai-led coalition government is set to revive talks with Cambodia regarding the exploration of a contentious offshore oil and gas field, estimated to hold at least US$300 billion in reserves. This field has been a point of contention between the two nations since the 1970s. Prime Minister Paetongtarn Shinawatra, who assumed office in September following the Constitutional Court’s…
- Pattaya News
Oil stains littered across Jomtien Beach prompts cleanup efforts
Tourists at Jomtien Beach in Pattaya were met with an unfortunate sight as oil stains marred the sandy shores, clinging to their bodies and clothes. Numerous complaints from tourists regarding stubborn oil stains that couldn’t be washed off at Yinyom Beach prompted a cleanup effort by officials. The investigation revealed oil stains scattered across the beach and floating in the…
- Thailand News
Thai Oil denies 567 million baht payment for overdue wages
Thai Oil Public Company Ltd firmly denied agreeing to issue a payment of 567 million baht to settle outstanding wages owed to workers by subcontractors. The unpaid wages are linked to the Unincorporated Joint Venture (UJV) consortium, a subcontractor hired by Thai Oil. The consortium consists of Petrofac South East Asia Pte Ltd, Saipem Singapore Pte Ltd, and Samsung E&A…
- Thailand News
Thai Oil workers protest unpaid wages, ministry demands resolution
Hundreds of workers have been protesting outside Thai Oil’s refinery in Chon Buri since Wednesday, July 24 due to unpaid wages. The Labour Ministry has stepped in, urging relevant parties to resolve the issue promptly. Employees of Sinopec Engineering Group (Thailand) Co Ltd, a subcontractor for Thai Oil, initiated the protest after not receiving their salaries since May. The protest…
- Thailand News
Thailand’s oldest oilfield to get 300 million baht redevelopment
Thailand’s oldest oilfield is set for redevelopment with a budget of 300 million baht, as announced by the Defence Energy Department’s Northern Petroleum Development Centre (NPDC). The redevelopment plan of Fang Oilfield in Chiang Mai includes upgrading the oil refinery to Euro5 standards, enabling it to produce lower-sulphur diesel that is safe for car engines, according to Montri Jeennakorn, director…
- Business News
Thailand’s oil reserves expansion faces financial challenges
Plans to bolster Thailand’s strategic petroleum reserve (SPR) are encountering pushback from industry executives due to financial constraints. Thailand’s Energy Minister, Pirapan Salirathavibhaga, spearheaded an initiative to increase national oil reserve security by expanding the SPR as detailed in the 2024 oil plan. Pirapan aims to increase Thailand’s oil reserves, both crude and refined, from 50 days to 90 days…
- Business News
Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
- Business News
Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
- Business News
Fuel dispensers’ accuracy standards to tighten in Thailand
The Internal Trade Department of the Commerce Ministry is set to tighten the accuracy standards for fuel dispensers at petrol stations. The new directive seeks to lower the margin of error to ensure that consumers receive fair and accurate fuel measurements. The department expects to enforce the new criteria within the next one to two weeks. Chakra Yodmani, the department’s…
- Business News
Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
- Business News
Southeast Asian nations ramp up efforts to boost upstream oil industry
Southeast Asian nations are intensifying their efforts to boost the upstream oil industry, with Malaysia, Indonesia, Vietnam, and Thailand vying for investment from both domestic and international entities, as revealed by a study from BMI, a Fitch Solutions company. In 2022, Malaysia received foreign investment of 287 million ringgit (US$61.7 billion), equivalent to 47% of the nation’s overall investment, in…
- Thailand News
Thai Airways tests sustainable aviation fuel on Phuket-Bangkok flight
Thai Airways International and PTT Oil and Retail Business PLC piloted a flight employing sustainable aviation fuel (SAF) from Phuket to Bangkok yesterday, December 13. The initiative, which signals a significant stride towards an environmentally friendly aviation industry, was revealed during a media briefing at Phuket International Airport. Disathat Panyarachun, the head of PTT Oil and Retail Business PLC, explained…
- Business News
Saudi Arabia and Russia extend oil cuts, pushing Brent crude to ten-month high
The global oil market experienced a significant shift as Saudi Arabia and Russia disclosed their decision to prolong voluntary oil production cuts until the end of the year. This announcement pushed Brent crude prices to a peak unseen in the last ten months, reported Bangkok Post. The energy ministry of Saudi Arabia, the world’s leading crude oil exporter, stated that…
- Business News
PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
- World News
UK government faces backlash over new North Sea oil and gas licenses
In a controversial move, the British government yesterday declared its intention to release “hundreds” of fresh licenses for oil and gas exploration in the North Sea, aiming to bolster national energy reserves while still vowing to achieve net-zero carbon emissions by 2050. This announcement has incited a wave of criticism from environmental groups and has fuelled an ongoing debate within…
- Business News
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
- Thailand News
Thailand’s Excise Department probes official’s involvement in oil smuggling case
An investigation is underway by Thailand’s Excise Department into allegations that a high-level official attempted to persuade police to release a truck carrying 15,000 litres of smuggled oil. The department’s Deputy Director-General Kriangkrai Pattanaporn revealed that a probe committee was formed to look into the arrest of the 47 year old driver, identified only as Sombat, in Prachuap Khiri Khan…
- Business News
Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
- Business News
Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
- Thailand News
Oil tanker explosion in Thailand kills 8 people, 1 dog, injures 4, impacts 128
UPDATE Officials have recovered eight bodies from the wreckage of the oil tanker which exploded and caught fire at Ruammitr Dockyard in the Laem Yai district of Samut Songkhram province in central Thailand yesterday. Divers from the Dhammarasamimaneerat Foundation are no longer searching for bodies as the total number of people missing was believed to be eight. At least five…
- Thailand News
Oil tanker explosion in Thailand kills 1, 4 missing
At 9.30am, a large oil tanker docked in Samut Songkhram province, southwest of Bangkok, exploded and caught fire. At present, one person has been confirmed dead and four people are still missing. Firefighters from Mueang Samut Songkram Fire Station have got the fire under control at the shipyard Laem Yai subdistrict on the Mae Klong River. As the tanker was…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- World News
Laos experiencing a petrol crisis due to high inflation
The Lao government denied there was a national petrol crisis despite calling an emergency meeting and hours’ long queues witnessed throughout the country’s filling stations. The government, who import the majority of its petroleum from Thailand, scheduled an emergency meeting to discuss the country’s inflation, panic buying and why a large number of petrol stations were closed last week in…
- World News
Global oil prices hit 14-year high as Western nations consider import ban on Russian oil
Global oil prices have risen more than 6%, surging to the highest prices since 2008 on Monday, as the US and European allies consider an import ban on Russian oil. Meanwhile, fears of a global oil supply shortage are being further compounded by the delay of Iranian crude’s potential return to global markets, as the Kremlin demands a guarantee that…
- Bangkok News
Thailand-based natural gas company stalls move on Myanmar following coup
Following the withdrawal of its French and US partners from a gas production project in Myanmar, Thailand’s PTT Exploration and Production Plc is stalling its next move by saying that it will make an official announcement early next month on whether to keep ties with the military in Myanmar or not. US-based Chevron Corp and France-based Total Energies both announced…
- World News
Indonesian navy seizes tanker and crew, says they stole oil
Indonesia’s navy announced today that it has seized a tanker and the tanker’s crew, the seamen were wanted on charges of stealing almost 300,00 barrels of crude oil out of Cambodia’s reserves. The ship was stopped on July 27 while it was off the coast of Sumatra, says the Indonesian navy. Days prior, Phnom Penh had issued a red notice…
- World News
Indonesian submarine confirmed in 3 pieces at 800m depth
In a follow-up to our previous story this morning, Indonesian authorities have now stated officially that the missing submarine has been found and it is safe to assume all 53 crew members have died. Earlier in the day, debris from the submarine such as a bottle of lubricant and a torpedo protection device, as well as an oil slick, were…
- World News
Search teams zero in on suspected location of missing Indonesian submarine on last day of its oxygen supply
Search teams say they are focusing on an area where the missing Indonesian submarine could be located. The area of interest is about 40 kilometres north of Bali, where oil has been found on the surface of the water. The head of the Indonesian military’s central information unit says the oil is near a dive point and where an object…
- Thailand News
Crude oil imports to Thailand at lowest level since 2015
Crude oil imports to Thailand were down in 2020 to the lowest level since 2015, according to data from Thailand’s energy department. Total imports fell 19,000 barrels per day from 2019 figures, down to 837,000 barrels. Due to the Covid-19 pandemic, domestic production also dropped along with the reduction in oil importing. Thai refineries decreased their production to 1 million…
